Towards a Market Economy: Structures of Governance

IMF Working Papers, January 1, 1997

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Towards a Market Economy: Structures of Governance

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Bibliographic details

• Authors: Pierre Dhonte, Ishan Kapur
• Published: January 1, 1997
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451842746.001

Overview

• Proposes an operational interpretation of the concept of economic governance.
• Argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated.
• Emphasizes that a secure economic environment is essential for sustained growth in a market economy and can be established through a rules–based system.

Key propositions and findings

• A rules–based system should ensure:
  • freedom of entry into the market,
  • access to information,
  • sanctity of contracts.
• Creating a secure economic environment involves profound, far–reaching social change and has historically been a complex and lengthy process in most societies.
• Basing policy prescriptions on the benchmark of government capacity to secure the economic environment helps avoid possible conflicts between different social and moral values.

Policy implications and recommendations

• Evaluate governance against the benchmark of credible governmental capacity to ensure a secure economic environment.
• Design and implement rules–based systems that operationalize:
  • market entry freedom,
  • information access,
  • contract sanctity.
• Recognize that reforms will be socially transformative and likely protracted; tailor sequencing and communication to manage social and moral value tensions.

Subject coverage and keywords

• Subject areas: Corruption, Crime, Environment, Financial institutions, Securities.
• Keywords include: authority; consists of policy action; Corruption; discretionary power; economic policy; economic system; economy; governance consist; government; government activity; government behavior; government credibility; government decision; government policy; government predictability; investment; market economy; Securities; WP.

Publication metadata (as provided in source)

• Authors: Pierre Dhonte, Ishan Kapur
• Date: January 1, 1997
• Pages: 16
• Volume: 1997
• Issue: 011
• Series: Working Paper No. 1997/011
• DOI: https://doi.org/10.5089/9781451842746.001
• Stock No: WPIEA0111997
• ISBN: 9781451842746
• ISSN: 1018-5941

Source: Towards a Market Economy: Structures of Governance, IMF Working Paper 1997/011.

Content in this bundle

• Towards a Market Economy: Structures of Governance WP/97/11
  • Towards a Market Economy: Structures of Governance WP/97/11 (Markdown version)
  • Towards a Market Economy: Structures of Governance WP/97/11 (PDF)